Showing papers in "Estudios De Economia in 1994"

Complementarities and systems : understanding japanese economic organization

Abstract: The performance of the Japanese economy in the last forty-five years, during which it has gone from post-war destitution and near collapse to one of the richest and most productive in the world, is unmatched

Relative wage structure in chile, 1957-1992 : changes in the structure of demand for schooling

Abstract: It has traditionally been hypothesized that moving from Protectionist to liberalized trade in developing countries (LDCs) will decrease the relative wages of skilled versus unskilled labor (or “relative wages”). Trade liberalization causes “between-industry” shifting of the composition of output across industries towards goods intensive in unskilled labor, decreasing the demand for skilled relative to unskilled labor and relative wages.

Intergovernmental transfers and public sector expenditures: a game-theoretic approach

Abstract: It is well known that the fiscal performance of a country is actually determined by the interaction of may fiscal authorities within the public sector. The purpose of this paper is to present a simple model that adopts a game-theoretic point of view to investigate the consequences of different modes of interaction between federal and provincial jurisdictions for the determination of the overall public sector expenditures and taxes. We motivate the theoretical exercises presenting evidence regarding the fiscal performance of Argentina in 1970-1987 where an ill-designed system of intergovernmental grants has been associated with increasing provincial government deficits and of public sector expenditures.

Inter-Industry wage differentials and earnings inequality in Brazil

Abstract: This paper shows that there is a large inter-industry wage dispersion in the Brazilian labor market, that persists after controlling for differences in workers’ productive attributes and job characteristics. The wage structure is robust over time, with no evidence that wage premiums can be imputed to differences in job quality, workers’ heterogeneity, discriminatory practices, short-run excess demand in specific sectors, or changes in the macroeconomic and political settings. The contribution of labor market segmentation to wage inequality is estimated to be in the 7-11 percent interval.

Gender wage gaps in chile . A long term view : 1958-1990

Abstract: Using a statistical technique to correct for the presence of the selectivity bias, this paper estimates gender wage gaps in Chile for the period 1958-1990. Gender wage gaps are decomposed into an “endowment” effect –associated with different stocks of human capital- and a “discrimination” effect –associated with different returns. The paper argues that a tight labor market would increase the cost of discriminatory practices, fostering the reduction in wage gaps. The evidence reposts that observed changes in gender wage gap largely respond to the economic cycle, suggesting that anti-discriminatory policies must be considered only as a complement to policies aimed at attaining sustainable economic growth.

Labor market flexibility and unemployment in Chile and Uruguay

Abstract: This study compares evidence on wage rigidity in Chile and Uruguay to determine whether differences in labor market flexibility could have had an impact on the very different patterns of unemployment observed in the two countries. Phillips curve estimates show that wages in Uruguay were highly flexible at the aggregate level during the period when the military government was in power, but became more rigid with the return of democracy and collective bargaining. Rising minimum wages and indexation arrangements are plausible explanations of some of the high unemployment in Chile in the late 1970s and early 1980s. At the micro level, we find much more relative wage adjustment across industries in Chile than Uruguay and that labor in Chile is drawn toward sectors with rising relative wages.

Existence and uniqueness of the competitive equilibrium for infinite dimensional economies

Abstract: In this paper we prove the existence of an equilibrium theorem and we obtain a condition for uniqueness of equilibrium in infinite dimensional economics using the excess utility function.

An opportunity cost approach to redundancy compensation: An application to Sri Lanka

Abstract: The paper proposes the principles which should guide the design of a compensation package for redundant workers following a program of voluntary retrenchment. It is argued that the compensation should be equal to the opportunity cost of leaving the enterprise. Using a simple specification for the opportunity cost, a payment schedule is derived and simulated for the case of Sri Lanka.

Labor market flexibility and job security measures in a global economy : new challenges ahead

Abstract: Measures assuring job security are sought by workers and their representatives to protect themselves against economic fluctuations and the loss of jobs and incomes In sectors of an economy that require a skilled workforce employers are often willing to provide promises of job security in exchange for lower labor turnover to protect investments in the skills of their workers, facilitate internal flexibility, and improve labor relations This contractual exchange serves the interest of both parties and when achieved in a market setting enhances economic behavior Governments, on the other hand, are also interested in job security as an instrument of social policy to address market failures and equity concerns Public interventions to stabilize employment can force firms to become more efficient by focusing adjustment on productivity instead of wages or they can threaten the efficient operation of labor markets by introducing uncertainty and raising labor costs

On the regulation of marine industrial fisheries: The case of Chile

Abstract: For more than 50 years Chilean marine industrial fisheries (MIF) were ruled by a criterion of “historical rights” in the issuance of fishing permits. This form of regulation was basically aimed at controlling access to the fisheries, but it did not solve the common-property issue. Through 1988 to 1991, strong controversies arose on how efficacious and efficient the prevailing regulatory instruments. However, there was neither a systematic nor an explicit discussion of alternative options leading to a definition of regulatory aims. Subsequently, the discussion centered on issues of a more institutional nature. Among them, the constitutionality of the State’s rights to limit access to fisheries and to sell full property rights over fish-stocks. On the side of the regulatory instruments, one of the key proposed reforms attempted to introduce Individual Transferrable (Catch) Quotas (ITQs) for the most important marine fisheries in the country. After more than three years of discussions, a political agre

A fórmula do capital escravista-mercantil

Abstract: This paper supplements the article intitled "Consideragoes sobre o capital escravista-mercantir (Cf. Estudos Econdmicos, v. 24, n. 1, p. 129-143, jan./abr. 1994), in which the existence of a specific form of capital is proposed and explained. The purpose now is to present its formula, define its constituent elements, describe its development in stages and show how the stages are linked to each other.

Consideracoes sobre o capital escravista-mercantil

Abstract: Propoe-se a existencia de uma especifica forma de capital, ainda nao contemplada pela literatura especializada: a forma escravista-mercantil. Explicitam-se, ademais, suas limitacoes logicas e historicas, seus pressupostos e os resultados de sua acao.

R&d investment in strategic settings: a survey of patent races

Abstract: Resumen: Este trabajo revisa las principales contribuciones teoricas que estudian como las empresas invier­ ten en I y D en un ambiente estrategico. Estudia el proceso de innovacion desde el punto de vista de la oferta de nuevas tecnologias y revisa los modelos que racionalizan el proceso de innovacion como una carrera estocastica entre empresas con el objetivo de obtener una patente.

Inflacion, precios relativos y cambio estructural: argentina 1960-1990

Abstract: En este trabajo se estudian las relaciones de la variabilidad de precios relativos con el nivel y la variabilidad de la inflacion, a fin de determinar si estas son significativamente distintas (moderada, alta, muy alta e hiperinflacion) en los diferentes regimenes inflacionarios mostrados por la economia argentina durante el intervalo 1960-1990. En este marco se realiza un analisis de correlacion de la dispersion de precios relativos con la tasa y la variabilidad de la inflacion, y luego se aplica un test de cambio estructural para estas relaciones entre diferentes regimenes de inflacion. Los resultados muestran que existe una correlacion positiva significativa, creciente con el nivel de inflacion. Mas aun, se encuentra la existencia de cambios estructurales, siendo estos mas significativos a partir de muy alta inflacion. Estos resultados dan lugar a dos interpretaciones: (i) existen umbrales inflacionarios en el caso de muy alta inflacion e hiperinflacion; cuando estos niveles son alcanzados surgen Keywords: Variabilidad de precios, inflacion, cambio estructural, Argentina.

Resuelve: a gauss program for solving computable general equilibrium and disequilibrium models

Abstract: This paper describes a GAUSS program that can be used, among other things, to find equilibria for compu­ table general equilibrium models, and fix-price equi­ libria for general non-Walrasian models. Simple applications for those two cases, as well as for linear and quadratic programming, are also provided.

Discriminación en un mercado del trabajo segmentado: diferencias salariales por género en El Salvador

Abstract: En este trabajo se estiman empiricamente las diferencias salariales por genero existentes en El Salvador. Se trata de una economia caracterizada por un alto subempleo y una significativa pobreza estructural, por lo cual se podria esperar que las diferencias salariales en contra de la mujer –y a igualdad de condiciones en cuanto a capital humano- se deben fundamentalmente a discriminacion. Sin embargo, al existir segmentacion del mercado del trabajo en terminos de la presencia de sectores formal e informal, y debido a la mayor insercion de mujeres en el sector de bajos salarios, tales diferencias de pueden tambien explicar por el grado de segmentacion existente. Un modelo de capital humano a-la-Mincer corregido por el sesgo de seleccion a-la-Heckman se utiliza para analizar las diferencias salariales por genero debido a diferencias en el stock de capital humano, a la presencia de discriminacion, y a la existencia de segmentacion del mercado laboral. Las conclusiones principales del estudio indican que

Sobre la tipología de los cambios tecnológicos en un modelo lineal de producción

Abstract: Resumen: Se considera un modelo lineal de produccion no conjun­ ta con trabajo heterogeneo, endogenizado a la manera de Morgenstern y Thompson (1976) para: i) demostrar que la condicion de Okishio-Roemer para la productividad de un cambio tecnologico es localmente necesaria; ii) estudiar la repercusion de un cambio productivo sobre el poder adquisitivo del salario, y iii) presentar una nueva tipologia de los cambios tecnologicos que da cuenta de los efectos sobre el empleo de los cambios que sustituyen unos insumos por otros. El enfoque se puede usar para el estudio de las condiciones de validez de las conjeturas de la economia marxista sobre la "tasa decre­ ciente de ganancias".

Relative price and inflation uncertainty in colombia : a case of chronic moderate inflation 1970-1990

Abstract: This study explores two aspects of Colombian chronic but moderate inflation experience during the period 1970-1990. Based on time series analysis, the study suggests that the policy to in­ crease relative price of energy products be comple­ mented with expenditure reducing mechanisms to avoid the validation of higher price pressures stem­ ming from other sectors. Moreover, it recom­ mends efforts to dismande indexation mechanisms, which make it difficult to reduce inflation. * Most of the empirical research for this paper was undertaken when the author was working at the Central Bank of Colombia. The author is currently advisor to the Minister of Finance of Colombia and is indebted to S. Herrera and A. Carrasquilla for comments on a first draft and to several colleagues from the IMF including M. Bonan- gelino, L. Perez, P. Neuhaus, C. Reinhart, P. Leme, and M. Zavadjil for comments which led to this version. A version of this paper was presented at thexn Latin American

Transversality conditions in optimum growth models with or without discounting: a unified view

Abstract: In the literature on price characterization of optimal paths in stationary models of optimal growth, distinct “transversality conditions” have been pr esented, depending on whether or not utilities are discounted. In the discounted case, this condition takes the form that asymptotically the presente-value prices converge to zero. In the undiscounted case, however, it is of the form that the present value prices are bounded above along the path. It is shown here that under assumptions that are fairly standard in such problems, this difference is superfluous and the same transversality condition characterizes optimal paths in both the discounted and undiscounted cases.

Cuándo la viabilidad implica la estabilidad estructural de un sistema dinámico lineal en tiempo discreto

Abstract: This paper presents some findings of the theory of control mathematics. These findings are com­ plemented with those referred to viability of lineal dynamic systems on a discrete time-period. The purpose of the paper is to establish which conditions should be satisfied by those systems for their viability with structural stability.

Occupational mobility and gender: implications for government policy

Abstract: Data on all persons employed in the California State Civil Service between 1977 and 1985 reveals a marked improvement in the distribution of women across income classes. An important part of this improvement appears due to internal mobility. Survival function estimates show that upward mobility was high for employees starting in female-dominated occupations, absolutely and compared to mobility out of male-dominated, manual occupations. Hazard rate estimates show that mobility was increased by longer leaves and moving to full-time status and decreased by the number of separations. The effectiveness of occupational classifications designed to aid mobility was ambiguous.

Indexation and labor market turnover in brazil

Abstract: The issue of wage indexation in the economic literature is well understood from the point of view of its macroeconomic consequences. Nevertheless, its effects as a regulatory intervention on the labor market have been relatively less studieds. Since indexation does not correct for real effects, real shocks may create serious deviations of employed workers’ wages from current labor market conditions. This deviations may lead to an increase in labor turnover rates to adjust current costs in firms. The evidence for Brazil shows that this is, in fact, the case. Labor turnover in Brazil is extremely high compared to international rates.

On-farm costs of reducing environmental degradation under risk

Abstract: Resumen: Los productores agricolas responden a las regulaciones ambientales ajustando sus practicas de produccion a traves de la minimizacion de sus perdidas de ingreso esperado. Esencialmente, el costo de regular el medio agricola esta determinado por los ajustes que se tienen que hacer a nivel de productor. Nuestra estructura de simulacion a este nivel evalua los efectos economicos y ambientales de restricciones hipoteticas en el uso de pesticidas en un contexto donde continuan los esfuerzos de conservacion del suelo.

The Money Supply Puzzle and Treasury Bill Market Efficiency: A New Hypothesis and the Evidence

Abstract: In OLS regression studies of changes in Treasury Hill (TB) rates on anticipated money, investigators have found negative coefficients on anticipated money, basically over the period 1977-1982, which is inconsistent with the market efficiency hypothesis. Using a time-varying Bayesian regression regime, we pinpoint the precise weeks in which this negative response occurred. Furthermore, we find evidence supporting the idea that the Fed’s new monetary policy was creating more uncertainty in participant’s money supply forecasts, spurring them to adopt error-correcting procedures to modify such. Even though, we do not identify the precise form of the error adaptive process, our confirmed hypothesis is consistent with the view that some kind of a process was a response to the Fed’s October, 1979 pronouncement of the new approach to monetary policy.

Infant industry policy and information revelation

Abstract: Resumen: Se estudia el proceso de entrada a industrias de bienes duraderos bajo informacion imperfecta. Suponemos que antes de incurrir en costos de insercion a la industria, los inversionistas observan su tipo verdadero —rentabilidad— de manera imperfecta. Consideramos politicas donde el gobierno posee informacion mas precisa que el sector privado, contemplando dos tipos de gobierno bien inten­ cionados pero con objetivos distintos. Se demuestra que un tipo de gobierno puede senalizar su tipo con una politica second-best que propicia una entrada mayor a la industria. Dicho resultado explica la seleccion frecuente de politicas de intervencion suboptimas en apoyo de industrias cre­ cientes (infant industries), en contraposicion al stock de conocimiento economico establecido.

Un enfoque que unifica el método de axiomatizar valores lineales en teoría de juegos

Abstract: In the literature of game theory there are several axiomatization of values for games in a characteristic form, each in a particular context. In this work, we present the axiomatization of several values under the same framework. We used the fact that if a lineal operator is defined in a base, it can be extended in a unique form to the whole space, in order to generate several solution's concepts. It is just varying the set of axioms that determine the solution in the base.